What can you do in Metaverse?

Introduction

The term Metaverse was first coined by Neal Stephenson in his novel, “Snow Crash” released in 1992. And recently enough, Facebook CEO, Mark Zuckerberg announced that they are changing their name to Meta Platforms Inc. or in short, Meta. On a superficial level, this may seem just a name change — but it is well beyond that. In this blog, we will understand what is metaverse, its implications, and how it will affect the way we interact with Facebook. That really sounds exciting, isn’t it?

What is Metaverse?

In simple words, Metaverse is a parallel world where you can experience the internet in 3D. To put it in Mark Zuckerberg’s words, it is a ‘virtual environment’ you can interact with instead of just looking at a screen.

To be more specific, Metaverse will have endless interconnected virtual communities where people can meet, and interact with others via VR headsets, AR glasses, mobile apps, and several other similar devices.

Metaverse will comprise immersive shopping and social media experiences. It will be a place where users can create their own virtual items and playgrounds. They can play 3D games with highly personalized avatars that create a more engaging human experience.

“It’s the next evolution of connectivity where all of those things start to come together in a seamless, doppelganger universe, so you’re living your virtual life the same way you’re living your physical life,”

– Victoria P. (Emerging Technologies Analyst)

What Can you Do In Metaverse?

Metaverse will open up a lot of possibilities and will allow us to harness the untapped potential of the virtual world and social media services. You’d be able to host a virtual concert (or go to one), try/buy new clothes, play personalized games, craft digital artwork, etc.

The metaverse will also allow the employers to create a virtual office where everyone can see and interact with each other as if they were right in front of them. Horizon Workrooms, Facebook’s meeting software, aims to achieve this objective via VR headsets that can turn out to be one of the most immersive experiences of the Metaverse.

“A lot of the metaverse experience is going to be around being able to teleport from one experience to another.”

– Mark Zuckerberg

Tech companies, like Facebook, have a lot of work to do before they can offer a seamless and interconnected Meraverse experience to their users. In an ideal world, people in the Facebook Metaverse should be able to interact and engage with users from Google Metaverse. For that to happen, these companies will have to find common platforms through which they can seamlessly exchange data while keeping users’ privacy intact.

Is Facebook Going All-in on the Metaverse?

By the looks of it, yes. The company is investing heavily into the project as they think it is going to play a major role in the digital economy we’re in. They would be investing about $10 billion on Metaverse this year alone. That’s a huge number.

Facebook has also collaborated with Microsoft and Nvidia to scale the project. That’s not all. Video game companies have also been taking keen interest in Metaverse. In fact, Epic Games has raised over $1 billion from investors to build games compatible with Metaverse.

With the ever increasing hype, more and more companies are jumping into this space. And to ensure they are ahead of the curve, Facebook is going all-in on Metaverse.

Is Metaverse Similar to the Internet?

In one of the interviews, Mark Zuckerberg compared Metaverse with the internet by describing it as ‘an embodied internet’ — a place where people can have immersive experiences that a webpage can not offer.

As a matter of fact, one of the key benefits of Metaverse is considered ‘immersion’ — a sense of physically engaging with the world around you instead of watching them through a tab. For instance, interacting with your employees on Facebook Horizon may feel more natural than Zoom/Google Meet thumbnails.

It’s hard to compare Metaverse with the internet. After all, text-heavy internet comes with a lot of advantages. Buying high-end gaming consoles or supercomputers and VR tech can be expensive. Furthermore, in remote areas where internet connectivity is a challenge, people may not be able to access ‘the Metaverse’.

Thus, it is safe to say that Metaverse cannot replace the entire internet, at least not in the foreseeable future.

Is this a yet another stunt to collect more data?

The Metaverse will give Facebook access to a lot more personal data than the conventional internet. With this project, the company will continue to use personal data to show targeted ads, into the Metaverse.

“Ads are going to continue being an important part of the strategy across the social media parts of what we do, and it will probably be a meaningful part of the metaverse, too.“

Mark Zuckerberg

People are concerned that Facebook trying to enter into Metaverse can give the company access to even more personal data. Given their reputation when it comes to privacy and data management, it’s quite alarming.

Metaverse — A Huge Opportunity

A new era of the internet is being innovated. Its implications on our world will be massive. Companies will have to adapt to this change in order to continue thriving in this new space. They will have to be creative and push limits of innovation to embrace the Metaverse. With so much happening at such a pace, the question is, are you ready for the change?

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

Low Code No Code Applications for Digital Transformations

Introduction:

Nowadays, a lot of businesses have started leveraging digital transformation to simplify their workflows and get more done with limited resources. Low-code and no-code development will play a significant role in helping businesses achieve their goals. In fact, low-code development platforms are expected to exceed $187 billion in revenue by 2030.

“The future of coding is no coding at all.”

– Chris Wanstrath, CEO at GitHub.

If you, too, are seeking to transform your business digitally through low-code development, keep reading. In this blog, we will be sharing how you can achieve digital transformation via low-code platforms. Before we get started, let’s look at a few low-code platform use cases.

Low-code Platform Usecases:

While there are many use-cases of low-code platforms, some of the most popular ones include:

Customer Engagement Apps: To deliver better customer service and allow your prospects to book appointments or interact with your business.

Business Apps: To streamline operations, supply chain management, and company-wide processes.

Collaboration Apps: That enables your employees to seamlessly manage their tasks, resources, etc.

Why Digital Transformation?

IDC reports, Digitally transformed organizations are projected to contribute to more than half of the global gross domestic product (GDP) by 2023, accounting for $53.3 trillion. Today, if your business isn’t digitally transformed, it won’t be able to stand against ever-changing times and fierce competition. Moreover, scaling up can be extremely challenging if your business isn’t equipped with the latest technologies out there.

Digital Transformation will enable you to:

  • Improve Productivity
  • Foster Innovation
  • Elevate Customer Experience
  • Increase Business Agility
  • Optimize Processes
  • Minimize Costs
  • Increase Speed to Market

Now that you know why you must transform your business digitally let’s see how to achieve it without spending a huge sum of resources.

Practical Usecases of Low Code Applications for Digital Transformation

Low-code platforms can help you solve some of your most intricate business challenges. Let’s look at some practical use cases of low-code platforms and how they can help you embrace Digital Transformation.

Web-based Customer Portal

Delivering a better customer experience is one of the many reasons companies embrace Digital Transformation. This involves developing apps that enhance their interactions across every touchpoint. Enterprises can easily achieve that with low-code platforms via customer engagement apps.

By using low-code platforms, users can develop and deploy apps with little to no coding. These apps can be scaled as and when required. Companies can monitor their performance and optimize them along the way. Thus, low-code development fosters innovation and allows organizations to move quickly.

Learn how SUEZ developed a web-based customer portal and improved their customer experience by allowing their users to perform routine tasks like paying invoices, calculating quotes, etc.

IoT-enabled Smart App

With the help of low-code platforms, your employees can create IoT-enabled smart apps that can be deployed without relying on your IT department. Not only can they make changes in real-time but also retract them easily. Ultimately, this provides more freedom to your employees — to innovate, be creative, and challenge the status quo.

Low-code platforms can enable your employees to get more done in less time — thereby boosting their productivity and improving performance. A recent survey by PTC reveals that 40% of businesses claim to have implemented Digital Transformation to improve their operational efficiency.

Learn how Hortilux — a leading manufacturer, and supplier of grow light solutions — revolutionized the greenhouse industry with an IoT-enabled smart app built with a low-code platform.

B2C Mobile Application

You can create fully functional mobile applications with low-code platforms. These platforms have ready-made templates and features that you can add to your app while developing it. By using low-code platforms, businesses can build custom apps much faster than the traditional approach.

Because many businesses employ digital transformation simply to speed up app development, low-code platforms can come in handy. They can radically decrease the amount of time it takes to launch a product while keeping its quality in check.

Learn how VGZ Cooperative — a leading healthcare insurance provider in the Netherlands — developed a custom mobile app in less time and by spending a fraction of the cost of traditional app development.

Apart from the above-mentioned ones, there are a lot of use-cases of low-code development. For instance, it can be used to develop SaaS apps, core systems, web portals, etc. You can use it for various purposes depending on your requirements.

Is Low-code Better Than Traditional App Development?

Yes. There are so many reasons you should consider low-code over traditional app development. Here are the top 3 reasons:

Improved Agility: Apps developed using low-code platforms make organizations more agile and resilient in the long run.

Cut Development Time: Low-code development can transform months-long projects into weeks-long — thereby enabling faster development.

Effective Risk Management: Unlike traditional development, Low-code platforms allow you to quickly adapt to market norms as and when needed.

Final Words

We hope we could provide you with a few ideas on the implications of low-code platforms on Digital Transformation. The possibilities can be endless. With a perfect blend of DX and low-code development, you can make your business stand out from the crowd.

As of now, well over 89% of businesses have already adopted or are planning to adopt a digital business strategy. With every passing day, the competition is going to get fiercer. Thus, now is the right time to take the leap and transform your business digitally.

If you need our help, let us know. We have helped businesses of every size and scale transform digitally by embracing the latest and cutting-edge tech and resources. Give us a shout, and our team will help you dominate your competition.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

An A to Z Guide on Creating Your Own NFT Marketplace

Introduction

It’s high time for NFTs. They are on the verge of being ubiquitous. The sales of NFTs crossed $2.4B in the first 6 months of 2021. That’s not all. The trading volume of NFTs has been soaring across the internet. A popular NFT marketplace — OpenSea reported an 800% increase in trading volume.

With more people joining the club every day, these numbers are bound to increase over time. This means, if you’re seeking to create your own NFT marketplace, there couldn’t be any better time than now. In this blog, we will share everything you need to know to start your own marketplace.

What is a non-fungible token (NFT)?

A non-fungible token (NFT) is like a digital asset representing art, music, videos, game items, etc. They can be traded via cryptocurrency and are built with the same software as other cryptos. What makes an NFT stand out is its uniqueness. Each NFT is unique and irreplaceable. However, you can still trade/sell them on various NFT marketplaces.

Here are a few properties of NFTs:

  • They are indivisible. You cannot divide an NFT or sell a part of it.
  • While it is possible to view an image or artwork for free, there can be only one individual owner at any given point in time. The ownership of any NFT can be easily verified and there’s no way anyone can modify/copy/paste ownership records.
  • NFTs can be scarce as they are launched in limited quantities and cannot be owned by multiple users simultaneously.

Now that you have a brief idea about NFTs, let’s understand more about their marketplaces and how they work.

How does an NFT Marketplace work?

NFT marketplaces work similarly to any other marketplace. Creators can upload their art on the blockchain, and collectors can view and trade it via cryptocurrency. You can create a marketplace for a very specific niche or for multiple industries catering to diversified audiences. 

As far as the revenue goes, most marketplaces collect a commission from all the trades happening there. However, there are many other ways you can generate revenue via a marketplace. For instance, you can levy a subscription fee to sellers/creators or have a fixed cost for registering. You can also consider allocating space for ads either to sellers or advertisers.

Now that we have a brief idea about how marketplaces work and how you can generate revenue from it, let’s look through essential features every NFT marketplace must-have.

Necessary Features of an NFT Marketplace Website

1. Storefront

While this goes without saying, there couldn’t be a marketplace without a storefront. That’s where you can display the products, categories, and feature popular creators on the marketplace.

You should prioritize the information to be displayed on the storefront as it is one of the most important aspects of your NFT marketplace. It should be easy to navigate, intuitive, and must deliver a consistent user experience.

2. Advanced Search & Seamless Navigation

Search and navigation are critical components of your marketplace. You must ensure your marketplace is easy to navigate and the users can find what they are looking for in no more than 4-5 clicks.

To simplify navigation, you can consider adding a mega-menu with explicitly defined categories, sub-categories, and products. For search, you can consider adding advanced filters that allow users to search via product attributes.

3. Seller Profiles/Store

Creating a seller profile will greatly improve the overall shopping experience. Buyers who are looking to buy NFTs only from a specific seller can do so via visiting their profiles. And on the other hand, sellers also get to display their best work in an organized manner.

You can add the seller’s selling history, total NFTs, customer feedback to their profile page. This will also help buyers decide whether to trust a seller or not. For instance, if a seller has less than three stars from five, a buyer will be cautious while dealing with them.

4. Creating Listings

Creating NFT listings will be another basic feature every marketplace should have. This is where sellers can upload their work and list them for auction/sale. They can add descriptions, images, and other relevant details that are necessary.

NFT creators may or may not be tech-savvy. Thus, it is important to keep things as simple as possible here. You don’t want to confuse them with too many options. Keep what’s required and verify the information on each listing before it goes live.

5. Buying & Bidding

While some creators sell their artwork at a fixed price, others prefer to put their work at auction. So it is important that your marketplace offers both options to creators. Auctions should have an expiry date while other listings get automatically removed once the art is sold.

As far as the bidding goes, you must ensure the process is swift and smooth. The information about the latest bid should be updated in real-time so there are no conflicts whatsoever. Having a seamless buying cycle will ensure a good shopping experience for buyers.

6. Wallet

Both the parties, buyers and sellers must have their wallets on the marketplace. They can store, send, and receive cryptocurrencies in exchange for NFTs. Buyers can load crypto to their wallets and sellers can cash it out once received.

There are several wallet systems available in the market. Make sure the one you choose is safe and reliable. The last thing you want is failed transactions and unhappy users. If you can, test different wallet systems before fixating to one.

Conclusion

Apart from the above-mentioned ones, there are several other features an NFT marketplace should have. For instance, the ability to rate a trade post-completion, verify an NFT, and many more. While creating your own marketplace, think of the features that will be usable to your audience. A feature-rich marketplace is bound to thrive even amidst today’s rapidly disrupting economy.

If you’re seeking to develop your own NFT marketplace but don’t know where to start, let us help. We can help you create a high-performing marketplace that consistently delivers a good user experience. Give us a shout, and let our trained professionals help.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

NestJS VS. Fastify _ Which One to Use & When

Introduction

Today, Node.js is among the top 10 JavaScript frameworks, primarily because it’s light, scalable and open-source. With the ever-increasing popularity of Node.js, several other frameworks have emerged to help developers build high-performing, reliable, and scalable server-side apps quickly and easily. Two of the most prominent Node.js frameworks are NestJS and Fastify. 

While both frameworks are equally competitive, there are a few things that set them apart. In this blog, we will look at the key differences between the two so you can decide which one’s ideal for you. If that sounds exciting, let’s get going.

NestJS VS Fastify: Top 5 Differences

NestJS and Fastify are fundamentally Node.js frameworks designed to ease out the development process. Let’s look at the top 5 key differences between them.

Overview:

NestJS: 

NestJS was first released in 2017 by Kamil Myśliwiec, who is a Google Expert in Web Technologies and Angular. As a framework, NestJS is heavily inspired by AngularJS. As it is a platform-independent framework, you can create and reuse some of the core elements in different applications. Furthermore, there are no limits to what you can build with the framework. You can develop everything from a minimal web application to a highly intricate enterprise solution.

Fastify:

Fastify was developed by Matteo Collina and Tomas Della Vedova back in 2017. They introduced it at a Node.js Interactive held in Vancouver. Here’s a framework that’s primarily focused on speed and performance (more about that later). It is easy to learn and developer-friendly. In 2019, Fastify joined the OpenJS foundation as an incubating project, and since then, the framework has evolved in leaps and bounds.

Marketshare:

NestJS:

Since the day it launched, NestJS has been consistently growing in numbers. Today, it has over 41.1k GitHub stars and gets downloaded over 764,859 times every week. It is also widely popular among the developer community for it has a shallow learning curve and good performance benchmarks. On StackShare, a popular community-driven SaaS platform that ranks software tools and technologies, NestJS has more followers and votes than Fastify. Last but not least, if we talk about the web, again, NestJS beats Fastify in numbers – for total web traffic and global site rank.

Fastify: 

Fastify, despite being an equally competent Node.js framework, is less popular as compared to NestJS. With over 20.7k stars on GitHub and 234,034 downloads a week, it is known for its speed and performance. Fastify has got its own set of loyal followers on StackShare – which are quite less than NestJS. Keeping the numbers aside, Fastify delivers exceptional performance and can increase your throughput up to 100%.

Core Features:

NestJS:

  • Versatile: You can use NestJS to build any and every type of server-side application irrespective of its intricacy.
  • Highly Scalable: With NestJS, you can start small by building a simple application and scale your way up to an enterprise-class server-side app.
  • Well-documented: Getting started with NestJS becomes super-easy with the huge library of resources available for free on the official website of the framework.
  • TypeScript: Because NestJS uses the latest version of TypeScript, it can change to the JS whilst simplifying context switching.

Fastify:

  • Performance: Being one of the fastest web frameworks, Fastify can serve up to 30,000 requests/second.
  • Extensible: You can seamlessly use Fastify via its hooks, decorators, and plugins. This makes the development process hassle-free.
  • Easy to Learn: Fastify is easy to learn and implement. It is expressive in nature. This means if you know Node.js, you can easily get your hands on Fastify.
  • Giant Ecosystem: Fastify has a huge ecosystem of core and community plugins that are freely accessible and can be used per your needs.

Community & Support:

NestJS:

With hundreds of contributors and thousands of users globally, you can be assured that you will get enough help and support in case you run into any troubles. That’s not all. NestJS also has a thriving community on various other developer forums like Spectrum, npm, Dev.to, and Discord. Additionally, you can also network with other NestJS nerds at various conferences held by community members from across the globe.

Fastify:

Fastify is also backed up by a huge pool of people who maintain and manage the framework. They roll out frequent updates to add new features to the framework and safeguard it from potential vulnerabilities. You can find Fastify forums on Dev.to, GitHub, and Stackoverflow. In case you’re looking for professional help, you can also hire a Fastify developer via platforms like arc or upstack. In case you’re looking for a reliable agency – give us a line, and we will be happy to help.

Popular Usecases:

NestJS: 

NestJS is used by some of the most popular companies like Adidas, Decathlon, Capgemini, Autodesk, etc. You can use it to build robust and reliable server-side applications that are both high-performing and secure.

Fastify:

Several popular companies, including Hotstar, Genesys, Habit, Radity, Microsoft, and NearForm use Fastify for different purposes. It is fast, reliable, and can efficiently handle intricate processes. With a giant ecosystem of 45 core and 155 community plugins, you simply cannot go wrong with Fastify.

Conclusion:

Both NestJS and Fastify are reliable and high-performing Node.js frameworks. Picking one over the other can be really intimidating. Rather than asking which one’s more popular – it’s better to go with the one that’s most optimized for the job. You may consider looking through their documentation and the source code before making a decision. 

If you’re still unsure which one would be right for you, let us help. Having worked with Node.js and similar frameworks for quite a while now, we can not only help you pick the right framework but also develop a robust and reliable application that stands true to the time. To get started, simply give us a line, and our team will be happy to help.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

How can Single Sign-On help companies to be more secured?

Managing a company and its users, its identity & access management across various SAAS applications for a company is a cumbersome process. As per Blissfully 2020 report, a company size (0-10) has about 47 relationships from a  person to app, for a company size of (11-50), it has about 189 relationships from a person to app and a company size of (51-100), it has about 584 relationships from a person to app. By this number we can know about the growing complexity between a person working at the company and its usages of apps,its relationships and secured management of the same.

With this growing complexity we realise there is a risk which a company, however small or big, has to address in terms of management of users, its identity across apps and its strong security compliance it needs to adhere to mitigate the risk of cyber attacks or breaches.

Usernames and passwords are the primary objectives of cybercriminals and is a risk which a business possesses if it is not secured enough. According to the research of TechCrunch 59% use something very similar or comparative passwords on numerous records. 

In this manner, if a hacker gets access through one inadequately obtained site, they will probably have the option to access other SAAS applications of the company. As per WEF Global Risk Report, cyber attacks is the fifth top rated risk for public and private companies.

So, what can a company(small, mid to large) do to have a centralized, secured and an effective way to manage users identity and its access to all its enterprise SAAS applications?

Enterprise Single Sign-ON

Enterprise Single Sign On is a way to authenticate to enable enterprise users to log in with a single ID and password within multiple SAAS applications.  Single Sign-on or SSO sets up a trusted relationship between a service provider and an identity provider. The company user, its identity and its access management is linked with three-layered administration of the account, which covers the secured creation, access, deletion, and updation.

How Single sign-on works? 

 In the most common cause, the identity provider and service provider set up a trust relationship by exchanging digital certificates and metadata and communicate with one another via open standards like Security Assertion Markup Language (SAML), OAuth, or OpenID. 

You will also want to keep in mind that your SSO platform needs to integrate into a larger organizational IT architecture, and you need to think cautiously about how to do so while maintaining the entire security posture. For example, an SSO system might make it impossible to downstream the security tools to identify the authentic IP address of the user attempting to log in to the system

How can SSO benefit the company and its users?

  • Centralized identity & access management for company’s apps
  • Lessens the burden to manage different passwords and access for applications
  • Unified security policy and compliance for access and password management
  • Reduce risk and exposure for cyberattacks
  • SSO can also assist with industry regulations, like HIPAA, that require successful authentication of users who are accessing electronic records or who require audit controls to follow activity and access.
  • This unified framework offers easy access to the management system of the central directory to de-provision users and makes the process faster and cheaper. The policies can be directed based on the user role, location, and other traits. If an enterprise implements a quality solution, it enhances security, usability and saves time and money for the respective department.

Single sign-on solutions

There are different forms of SSO solutions like AWS Single Sign On, Google Cloud SSO, Microsoft for your company  to consider depending on your company’s needs based on the users you have or apps that you are using. The right solution depends upon a lot of factors before you make a decision. 

At iView Labs, we help you to assess and identify the right solution for you depending upon your company, the no. of users and what kind of applications your company and its users are using.

Secure your users’ access for multiple cloud applications by SSO.  Do reach us with your problem or queries at sales@iviewlabs.com

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

Real World Implication of Microservices in the Fintech Industry

The transformation of the monolithic architecture to microservices architecture is one of the most heroic steps that you might take to upswing your business. So, if you are really looking forward to scale your infrastructure and also speed up while deflecting high supervision costs then microservices is the right solution. 

Especially, in a FinTech ecosystem that is running to establish itself in the digital centric world. And this being the reason that they are experimenting their digital approaches with highly scalable, flexible, and efficient architectures for their infrastructures. To get an outcome of performing well in the competition; and also satisfying and solving their customers’ issues.  

The outmost benefit of Microservices Architecture is its capability to provide flexibility, structural scalability, and reduced costs. The Monolithic structure has often failed when you want to scale your architecture. And since, financial services can never remain constant there is always scope to extend its capabilities as the world is changing. 

The long before financial institutions have legacy systems that carry the baggage of centralized database that are tightly coupled sub system. Microservices give them an approach to separate database from every services. Whenever a new service or a feature is deployed in an infrastructure or product then it has its own separate database and this way entire system doesn’t get affected. The architecture offers solution to fetch the only required data belonging to a specific service. The service reflects through an endpoint or a middleware platform, implying that a large scale service can be implemented with No SQL database for heavy scenarios. 

Example of a real life Bank with Monolithic architecture:

Danske Bank worked on the monolithic architecture that mostly relied on the sharing of the resources and therefore the processes couldn’t function independently. The major issue with the monolithic architecture was its scalability and maintainability. Their system wasn’t componentized and shared software libraries. Also monolithic architecture has stack dependencies that stops the embedment of the latest technologies. Additionally, with this architecture banking application had the fear of sending over unencrypted data of the users. 

Monolithic application involves huge and complex code, making the response time of a web application high, and also, unacceptable.

And as the web service coincides with the monolith ecosystem, they have a greater downtime and are unavailable each time there is an integration or upgradation of new feature in the application. Which states that the B2B dependency on the application can further complicate decision-making.   

Example of a real life Fintech organization having Microservice architecture:

Monzo Bank, a London Based bank uses microservices architecture to build a mobile first U.K digital bank. It has established a cloud native mobile-first digital bank while also complying with regulations. It has the technology foundation that can provide what all the traditional banks cannot  with an additional cloud enabled advantage. 

Monzo uses AWS hosting for its core banking needs to enable scalability and flexibility with its cloud computing strength, also eliminating the doubts in terms of capacity, infrastructure, and provisioning management. 

Monzo has established its core banking systems from scratch with the help of microservices architecture, with multiple virtualized servers having container tools such as Docker and Kubernetes. It architecture makes a hub of small elements that can scale as an entity, communicate synchronously or asynchronously, and have APIs. Their banking application also has a platform-agnostic for easy interoperability. 

Outcome of adopting such a system

  1. Monzo runs on an active data centre that avoid any failures or downtime attached to their banking application
  2. Its AWS hosting offers sophisticated security, auditability, and encryption levels to remain compliant with the banking regulations. 
  3. Their customer experience is powered by technology making them, by far the most significant is customer centricity; elevating and enhancing their infrastructure according to the competitive landscape for FinTech organizations today.
  4. Their core banking system has a technology architecture that is open, agnostic, scalable, secure, and 3rd Platform–enabled.
  5. As a startup it always had the advantage to develop its infrastructure from scratch and be totally cloud driven.  From the very start they understood that simple computation won’t take them out of the firewall but rather give them a data driven and secure architecture that can totally redesign their system’s infrastructure.

The biggest benefit Monzo has gained from microservices is organisational flexibility, Suhail Patel, Monzo’s backend engineer explained this by quoting – 

“We build services which are granular enough to be easily understood. Ownership of services is well-defined but can be fluid based on the goals of the company. Monzo has grown significantly over the past 24 months; the structure of existing teams and emergence of new teams has changed significantly as a result.”

Benefits of inducing Microservices in financial institutions 

There are considerable advantages that microservices can provide with a robust IT strategy that is sufficient for smooth transition. 

  • Transmission and redeployment of new application features without fear of failing the entire application.
  • Increased agility and decoupled release cycles implying app updates can be developed and deployed within hours.
  • With microservices architecture the infrastructure can be easily replicated and can be more effectively help in scaling growth in terms of users and transaction volumes. 
  • As database is much less interdependent, microservices can level down failure footprint. 
  • Microservices architecture makes banking application easier to refactor or replace going forwards.
  • As microservices can be easily replicated it can help increase structural scalability. 
  • Microservices architecture helps provide improved security levels in the application this way the threats do not breach the entire app and the other elements can left protected. 

Microservices Architecture – Ideal platform for Platform Banking 

Microservice architecture provides accelerated integration with the third parties and efficiency in the process, which proves to be a major competitive factor in the platform banking ecosystem. The traditional banking system that goes with the monolithic approach has multiple points of integrations and batch processing which is highly inefficient and slows the entire process. And the microservices architecture can bring in a phased approach that minimises risk with a deliberate process in the near-term and long-term objectives. Each element can be developed, updated, and managed independently, making microservices based applications easier to work on and maintain. 

To Conclude

Banks and Financial Institutes must adopt microservices architecture in order to create and enter new markets, and also establish themselves rightly to gain all the profits that a new market can offer. With the platform banking the FinTech industry will not only introduce new sources of revenue, but also present enhanced customer experience along with the improved operational efficiency reciprocating a lot of margin. 

Also, in the long-term, banks and financial institutes must move to a more sophisticated microservices based core platform in coordination with service mesh. Banks are currently trying to develop a marketplace that should have a microservices platform providing and scaling banking services as individual stacks categorized by product domains.

Consider this example, an organization owner can develop a marketplace that can combine industry leading onboarding services from a fintech with its inhouse underwriting capabilities and book the receivables to a third party bank. And also a customer availing a loan from their platform would be able to protect from the various levels in the back end. Such a composition can be executed effectively only with a microservices-based architecture. 

So, the goal of microservices architecture is to help financial institutes and banks align together services from different platforms into unity to offer a unique service to customers.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

9 key points to decide on Microservices Architecture

Microservices Architecture is a great way to structure your single monolithic codebases. It gives an opportunity to scale the architecture, giving you complete portability of an application. But before going through all the benefits of microservices, it is important that we understand the key points of Microservices Architecture in order to get the maximum value out of the entire structure.

Best practices to include while implementing Microservices Architecture 

  1. Why Microservices Architecture?

First, identify the need whether micro services architecture for your cloud application development is going to be really beneficial or not. The biggest advantage of microservices is the way it disintegrates  data and operations. This distributed system will  help to partition all your data into different services. This gives an option to scale the system along with the data that needs to be prescribed independently so that the service logic is separate. You will need to identify whether such separation of data, components and services which  brings scalability  is really required for your product, use case or a business application on cloud..

  1. Resources

Each unit in the application runs with its own runtime and different processing threads giving it a better elasticity than the monolithic architecture. If you need such elasticity and scale, you will have to plan your resources, separating data; teams separated, leading to efficient ways of managing  each service independently irrespective of resources.

  1. Define the kind of microservices 

The success of microservices architecture is mainly on  how you design, define and architect this system. Before implementing it is important to clearly understand your business function, your use case, your modules,, services, and to understand how these different modules will interchange and exchange data into each other. A clarity on your business function is important to define the architecture that subsides in the system with fragmentation. So, remember to recognize your business functionality far ahead to build optimal microservice architecture.

  1. Recognizing Scalability of your Structure 

Scalability being the major aspect of microservices, it allows an application to be broken down into units and then concurrently being processed in parallel. Thereafter, increasing the overall efficiency of the application. So, while inducing scalability identify these aspects in your system – resource bottlenecks for read and write traffic.

Start by knowing and understanding the nature of growth your system would have. Assess this on predetermined data or put your assumptions to design a system with a performance benchmark to understand it’s  qualitative growth scale. Thereafter is the capacity planning, this is where quantitative and qualitative growth comes into play. Next is dependency scaling; You need to understand the interdependent scenarios which could lead to bottlenecks for fetching and writing data into your databases. This is where a well defined decoupled module would help to bring that scale for your system.

  1. Ensuring Cost Vs Benefit 

All in all, Microservices Architecture transformation will lead to an independent management of services which will give your application an agility that will facilitate continuous delivery and faster time to market. Ofcourse, initially when you are building with a microservices architecture, it will take time and cost of it will increase but you build your systems with a mindset of modernization and to sustain for the future  for at least for 5 years.  Implementing the microservice architecture isn’t only a technical decision this kind of transformation also requires a buy-in from the stakeholders into account to ensure that any system that you are  building is able to sustain. So, before your monolithic architecture is transformed into microservices or needs to be modernized we need to understand what are the benefits it’s going to bring for the system in the longer run. 

  1. A good set of DevOps toolkit

To get an optimal value out of your new architecture you need to automate your services testing, build and deploy management. Therefore it is important to set up a good set of DevOps process as you will find it faster to release your application. 

  1. A single entry point

Implement an API Gateway which is  a single entry point for all the requests of your client. Since in microservices architecture, each service is managed independently, from its authentication, business logic and database, we need a common gateway to interact with different services of the system. This helps in distributing your client requests separately for each service. Also, it gives an advantage to host and request each service of your application differently.  The communication protocol between your product and services should be as simple as possible and it would be incharge of transmitting the data without changing it. Microservice architectures have the capability to keep data or resources as straightforward as possible to avoid tight coupling of the elements. In some opportunities you might find yourself using an event driven architecture with asynchronous message wise communications.

  1. Keep in mind the challenges

We know microservices can provide you great benefits from decoupling, fragmentation, flexibility to scalability. But you can come across various challenges when you work on it as a whole system. As your system is divided into distributed systems it can now have multiple bottleneck points, so you need to take in account the multiple bottlenecks points. Along with it you also need to understand network hops it may have due to fragmented services. Hence the question is whether my application really needs a microservices architecture.

  1. Reduce Deployment Friction

Microservices can sustainably support continuous delivery as you have an increasing number of services that need to be deployed multiple times a day. So it is critical that you go with continuous delivery to minimize the risks of release failure, as well as ensuring that your resources are focused on building and running the application rather than being stuck at the deployment stage. 

The biggest commercial Advantage that Microservice Architecture provides: 

The biggest advantage is that microservices give an opportunity to scale, to manage, to integrate independently which helps to bring agility in your application. Also, with decoupling, it gives you a possibility to scale each service independently. We would highly recommend Micro services architecture for applications which have third party API integrations, Internal multiple Business logic  scenarios, Multiple product offerings where there is a way to scale, manage and integrate each service module independently.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.comDownload the latest portfolio to see our work.

Steps to Build Your IoT Prototype

The Internet of Things or IoT has taken over every major facet of our lives. From research labs, the path-breaking technology has moved out and found a place in our homes, kitchens, offices, gardens, and roads. 

Shortly, connected devices are poised to become more accessible and affordable than ever before. Needless to say, their demand is going to surpass all limits, and businesses dealing in the niche can literally mint money riding the wave. So, if you haven’t yet jumped on to the IoT bandwagon, now’s a good time to do so and understand how this disruptive technology works.

Just like all software solutions, IoT projects also start with prototyping. Your IoT prototype outlines all the required parameters of your IoT deployment. It binds together all the elements of your project- device, user, cloud, and enterprise. But creating a perfect prototype is easier said than done.

In this post, we will be discussing the main steps involved in IoT prototyping. But first, let’s understand how IoT prototyping is challenging.

How Is IoT Prototyping Unique and Challenging?

Prototyping for an IoT product will be different than for other software. When your team first forays into IoT, here are some things they might find disconcerting:

The prototype will not be production-ready: When you prototype for non-IoT solutions, whatever you include in their prototypes reflect in the final products as well. This is not the same with IoT products. The hardware and software in their prototypes and final products may vary widely. Moreover, there are many third-party integrations that are not included in prototypes.

Few ready-to-use components: Unlike other software prototypes, IoT ones don’t have the advantage of readymade components. Your development team will have to start from scratch, building components one by one. Feedback and testing cycles will be longer and usage instructions will need to be more in-depth since users are not very familiar with connected devices as yet.

Software occupies center-stage: IoT hardware takes time to master. But if your software facilitates user onboarding, the user experience can be seamless and smooth. In order to overcome friction, IoT prototypes need to lay special emphasis on user experience.

Products should be high on usability: Sticking a chip into a device and connecting to the web does not comprise IoT. A real IoT product delivers value from the get-go, even if it doesn’t look too pretty. It is made after tracking consumer behavior and action. It doesn’t overpromise and underdeliver, rather vice versa.

5 Steps to Create Your First IoT Prototype

Building your first IoT prototype can be challenging and exciting at the same time. A typical prototyping process consists of four major stages. Let’s take a deeper look at them.

Stage 1: Identify the Goals of Your IoT Prototype

When prototyping an IoT product, it’s essential to drill down into its objectives first. 

For instance, if you anticipate glitches in how your device will interact with real users, tackle that first. Keep it at the focal point of your development process and plan your hardware, software, and other requirements around it.

Ask yourself questions like:

  • What will the IoT prototype achieve?
  • What kinds of data do you need to capture for the prototype?
  • Where will the captured data be logged?
  • Where will you put all the UI elements (wireframing)?
  • What kind of discussions do you want to have with your developer teams?

By keeping your end goals in sight, your project will get direction and momentum. Plus, it makes sense to work on these assumptions right away rather than when you’re well into the process and down thousands of dollars already.

Stage 2: Research on IoT Hardware and Components

Once you have identified the pain points that your product will address, it’s time to dig into the hardware components and technologies that will help you achieve the end goal. 

Hardware for prototyping will be very different from production hardware. 

How, you wonder?

Prototyping hardware will be:

  • Flexible: It will be breadboard-friendly.
  • Affordable: It will be low-cost.
  • Modular: It will be compatible with multiple hardware ecosystems.
  • Usable: It can be set up in a short time and comes with built-in tools.
  • Simplistic: It can easily be used by beginners.

As against this, production hardware is more reliable, manufacture-ready, and advanced.

While deciding on your IoT prototype’s hardware, find answers to questions like:

  • Does the hardware have a consistent firmware, platform, infrastructure, and development tools?
  • Is there sufficient resources and domain support around your chosen hardware?
  • How easy are the components to deploy? Can you get your prototype up and running with the components or do you have to go hunting for installation guides and experts?

Be aware that there is a lot of experimentation involved in this step of hardware selection. 

It’s likely that you will create a solution, test it, and end up scrapping it multiple times. Sometimes, it might seem akin to searching for a needle in a haystack, but pursue till you zero into the perfect strategies for your product.

For example, if your IoT product is Bluetooth-based and requires many connections to transfer data simultaneously, you may need to experiment with different Bluetooth devices to find the best connection. 

Front-end and backend functionalities may need to be synced over and over again through different technologies until everything works in tandem. If you give up after a few fails in the initial stages, you may never find your ideal technology and solution.

Stage 3: Design and Acquire the IoT Components

And now, we come to the most exciting stage of prototyping – product creation. We recommend that you start building early so as to spot discrepancies and fix bugs without affecting your delivery schedule. 

There are four basic components of an IoT prototype:

  1. Devices/Sensors 

Sensors and devices collect data from the product’s surroundings. These sensors come in varying degrees of complexity- from basic temperature monitors to complicated video feeds. You need to either acquire or design your own sensors for your IoT product.

  1. Connectivity

There needs to be a channel for the senor-collected data to be transported to the cloud infrastructure of IoT devices. These networks can be cellular, satellite, Bluetooth, WiFi, Wide Area Networks (WAN), or any other type. Whatever be your network choice, ensure that it is leakproof and secure.

  1. Data Processor

Once data reaches the cloud, it needs to be processed to generate some output. The data processing can range from simple (checking temperature range on your smart AC) to complex (scanning the area for unknown intruders). 

Sometimes, the user’s intervention is required for the data processing to complete. That’s where the next IoT component, user interface, comes into the picture.

  1. User Interface

There needs to be an interface through which users can interact with the IoT system. The user interface, users can check into their devices, provide inputs, and extract output. The UI can be a simple touch screen or a complex video feed, depending on the device and requirements.

While designing/acquiring IoT components, keep your end goals in sight. Ensure that the hardware and software components are compatible with each other. During the prototyping, it’s okay to encounter some glitches and failed iterations. Don’t lose heart and keep persevering until you have a full, working prototype in your hands.

Stage 4: Define Data Streams

To take advantage of the massive volumes of live data collected by your IoT device, you need to set up secure data streams. 

There are a number of caveats to defying data streams:

  1.  They should be secure and tamper-proof.
  2. They should be able to collect and tramt millions of data points simultaneously.
  3. They should be equipped to acquire, manipulate, collate, combine, and discard data as programmed.

One of the biggest challenges you’re likely to face is the distributed nature of data. Your data streams will have to collect and assimilate data from varied data sources – sensors, cloud, user interface, and others. 

If your data streams don’t configure data lineage accurately, data processing will take a hit. To do so, you can define data clusters using Apache frameworks. If your data streams are more complex, I recommend you use Kafka or Spark Streaming. 

Stage 5: Integrate with App

Integrating IoT with mobile apps is the last but most critical step of prototype development. Mobile IoT solutions can have unidirectional or bi-directional data transmission/communication between users and the device in question. Whatever be your development model, ensure that the integration is smooth and seamless.

IoT-powered smartphone apps can be of many kinds, ranging from wearable devices (like smartwatches and heat rate monitors), industrial plant monitors (to keep tabs on plant vitals), agro apps (to regulate irrigation rates, etc.) or traffic moderators (for decongesting traffic, assisted parking, etc.).

After you’ve got your IoT product up and running, the next step is to fix the bugs. These errors might be software-related like broken features or code issues, or hardware-related like patchy connectivity or skewed interface. 

Whatever the issues are, take the time to recode, retest, and eliminate each and every bug. Ensure the product holds up to scrutiny by experts and real users alike. If there is a flaw in the core design and coding, you may need to go back to the drawing board and start from scratch. 

Sounds overwhelming?

It can be. Coders and developers often like to share a joke that this stage typically called “the last 20%” ends up consuming 80% of the entire bandwidth. 

It’s fair to assume that unexpected twists will crop up during this troubleshooting stage. But since you’re so close to the final prototype, you need to keep the momentum going even if there are a few roadblocks. At the end, you should have a bug-free, full-featured prototype that meets its objectives.

Ready to Build Your IoT Prototype?

Prototyping is non-negotiable when it comes to IoT products. Clearly-defined goals, robust technologies, and rigorous testing can ease prototyping to a great degree. The approach described above can be your compass through the entire process.

Do you have any questions about IoT or prototyping? Leave them in the comments below. For more helpful and insightful information in this space, stay tuned in.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.com.

Download the latest portfolio to see our work.

What Are the Key Digitization & Automation Practices in Financial Services?

As the world gets used to the “new normal” induced by COVID-19, most consumer services have taken the digital route. Among them, financial services have been the top adopters of digitization. With people relying more and more on online banking apps and portals, financial institutions have no choice but to digitize their processes end to end.

While changed consumer behaviour presents a huge business opportunity to the financial sector, it is not devoid of challenges. In an ideal state, the growing demand for digital products, applications, and services would mean increased revenue and market share for the traditional finance industry. 

But the truth is far from it. 

While core financial services have been digitized, there are many back- and mid-end services that are still stuck in a rut. From account opening to loan approval, there are many processes that start off at digital touchpoints but culminate with manual, pen-and-paper processing.

This way, the digital chain in financial services gets disrupted. The “right here, right now” advantage of digitization loses significance when consumers have to wait for facetime with financial advisors. 

To be fair, banks and FIs are working overtime to meet evolved customer demands and needs. In this post, we will talk about financial services that have been the focus area of digitization and automation.

Let’s get started.

1. Commercial and Small-Scale Business Lending

All over the world, governments are offering stimulus packages to businesses affected by the economic slowdown. Many businesses have had to revamp their infrastructure and systems to make way for the changing ecosystem. They need funds promptly without too much paperwork. That’s where digitized financial institutions can expedite the lending process.

For instance, the Office of Management and Budget in the US has allowed e-signatures in the loan application step. They have, in fact, taken out official orders to encourage staff to use e-signatures as much as possible to simplify processes.

At the same time, there is a spurt in the number of financial frauds where miscreants assume fake identities and siphon funds as loans. To avoid these pitfalls, a double line of defence is recommended.  Double authentication in the form of facial recognition with document verification can fail-proof your systems.

2. Consumer Lending

There is a global recession in the making. Household budgets are in the red after layoffs and pay cuts. That’s why global banks like Goldman Sachs have allowed their consumer borrowers to delay their loan instalments.

According to American Banker, “Many banks are also working to identify emergency borrowing needs – and using digital platforms to provide advice and process loan applications.” Despite all these empathetic steps, financial pressure on solopreneurs, workers, and small businesses is going to mount. The number of personal loans, debt consolidation loans, and bridge loans are multiplying.

Digital-savvy lenders and financiers are reprioritizing their processes by focusing on mobile channels. In this area, two new developments are visible on the horizon – mobile e-signatures and mobile shielding. Since many consumers have started banking and borrowing through phones and tablets, mobile-first lending can make their transactions seamless and painless.

Mobile e-signature, as the name implies, creates a digital trail for tracking signatures while maintaining compliance. Mobile shielding covers due diligence to protect banking applications from tampering, instructions, and breaches. By these two advancements, banks and FIs can ensure data security and compliance without disrupting the user experience.

3. Account Opening

Even in this crisis period, banks have reported a 300% increase in account-opening numbers. The increment is primarily because of increased loan applicants. 

To accommodate the heightened demand for new accounts, banks and FIs have transitioned to online mechanisms. According to American Banker, Citi’s commercial clients have “strongly gravitated toward digital onboarding.” 

While techno-savvy banks and FIs are making hay while the sun shines, their technically-challenged peers are in for serious troubles. According to a Litico survey from mid-March 2020, 82% of people are hesitant to visit bank branches during the outbreak. However, the same survey reveals that 63% are more inclined to try an app. 

This is good news for FIs that already own mobile apps or are in the process of building one. They are poised to earn a competitive advantage and increase their market share. 

In a recent ISMG banking industry survey, 68% of FI respondents have identified digital account opening as a priority initiative for their institution this year. To make room for greater customer volumes, they have expanded budgets for tech stacks like ID verification, machine learning, and digital signature.

To prevent fraudsters from intercepting security, banks and FIs are exploring safeguards like two-factor authentication and biometric scanning. Using these next-generation methods of identity verification, these institutions are able to offer mobile banking to customers without compromising on their security.

4. Account Maintenance

Customers need to maintain or update their account from time to time. Priorly, they would have to visit their bank to create fixed deposits or add nominees to their accounts. Most procedures were incomplete without hard copy documents and signatures.

But with banks opening for limited hours and people hesitant to visit banks for health concerns or restrictions, digital services have come in handy. With e-forms and digital ID verifications, banks and FIs are well-equipped to serve customers in the comfort of their homes.

Fraud prevention in the form of account takeovers has emerged as the biggest threat during this time. In this kind of cyber attack, unauthorized users permeate bank security and infiltrate accounts. Once there, they can easily siphon funds, change account settings, and block payments, much like the real owner. 

Fraud prevention platforms have cropped up to safeguard FIs against such threats. They closely monitor suspicious account activities and take necessary preventive action timely. 

Ready to Go Digital?

Apart from the above use cases, digitization is also being abundantly applied to employee-facing processes. From payroll to attendance, everything is recorded and tracked without human intervention. 

The best part is that these systems can be tailored to suit your organization’s specific needs. Another great thing is that they can be scaled up with ease to accommodate more data and user volume. This can help you save a lot of time, effort, and resources, keeping the quality and output intact.

Still, there’s a lot that needs to be done with regards to personalization of financial services. Currently, only 52% of banks offer personalized services in digital formats. This is a huge turn-off for discerning customers with high standards of customer service and support.

Another area where digitized services are falling short is the speed of transactions. Presently, too many regulatory stipulations are  bogging down the speed at which financial transactions come through. For click-happy customers, slow speed is a reason enough to abandon the transaction altogether.

However, there’s a lot going on in digitization and financial services are bound to catch up with other more digital-savvy business areas soon.

Can you think of other applications of digitization in financial services? Share your thoughts in the comments below. And state tuned for more cutting-edge information.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.com.

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5 Tips for Easy User Onboarding

So you built a software application successfully? Great, that’s good news. But are you confident that you can convert sign-ups into active users? Are you sure your app can onboard users smoothly, convince them of its unique value proposition (UVP), and get them to start using it from the get-go?

Before you answer those questions, take a look at the stats on user onboarding:

  • 25% of apps are abandoned by users after the first use itself. 
  • 77% of people uninstall an app within 72 hours of installing it.

We don’t want to sound negative but the truth is that user onboarding is a sore point with app vendors. They often find it challenging to retain and turn first-time users into loyal users. 

That’s why, in this post, we will explain 5 effective tips for user onboarding, with relevant examples from super-successful apps.

Let’s get started.

How Can You Onboard Users Successfully: 5 Tips

Here are the best practices of user onboarding that every app developer should follow:

  1. Keep Things Simple

In a Clutch survey of 501 app users, 72% of respondents said that a quick and simple onboarding process plays an important role in their decision to keep using the program. 

Keep the onboarding steps to a minimum and ensure that they can be completed within a minute. Ask for personal contact details (mentioning reasons why they are needed) and show only essential UI elements in the first use. Try not to overwhelm new users by asking them for unnecessary permissions. 

For instance, a movie-booking app needs only location-access and SMS-sending permission. They should skip requesting permissions for contacts or camera. Those can come at later stages once users are comfortable and confident of the app.

Example: WhatsApp

WhatsApp’s user base is unbeatable. According to their CEO, Jan Koum, one of the biggest reasons for the app’s success is its simplistic onboarding process.

The app self-detects the SMS with the verification code that is sent to first-time users. This means users need not leave the app interface and dig through their inbox for the SMS.

  1. Allow Skipping Steps

Many tech-savvy users don’t like to be hand-held through the onboarding steps. They like to explore their new installs themselves. To such users, give the option to skip whole or part of the onboarding process. There is no burning need to take them through the grand tour when they are impatient to try the app for themselves.

Vevo, the popular music-streaming app, found that logins increased by 10% when they included the “Skip” button in their app. If you’re not clear about your users’ preferences, conduct usability testing with different variants of the onboarding flow. Then, deploy the variant that works best for your users.

Example: Slack

Slack puts users in the driver’s seat by giving them a “Skip the Tour” option in every screen of the onboarding stage. Users can move to the main interface as soon as they feel confident enough to start using the app. 

  1. Ask for Permission

It’s a good practice to ask permission before sending push notifications to new users. 

The Clutch survey we cited earlier found that 4 out of 5 users like to know why an app needs to know their personal details, payment preferences, or device permissions. In fact, this small step can improve opt-in rates in a big way.

Example: Letgo

Letgo is a reputable portal for buyers and sellers of used items. Instead of accessing users’ inboxes directly, they send notifications to them every time a customer expresses interest in their listed items. In this way, users feel they are in control of their app engagement.

  1. Demonstrate Value Instantly

People install your apps for a reason. They have certain expectations from your app. If the app is unable to fulfill these expectations promptly, customers churn quickly.

So, think of an efficient way to demonstrate value to new on boarders: set up a features carousel, product walkthrough, or new-user registration. Just focus on showing what benefits uses derive from the app.

Example: Venmo

Venmo is a payment wallet with social-sharing capabilities. It lets users share their payment histories with friends. To reinforce their app’s credibility, on the first screen itself, Venmo shows social proof about how popular and reliable their platform is. This inspires confidence from new users who are apprehensive about sharing their payment info with a new app.

  1. Provide Incentive for First Conversions

Encourage users to keep using your apps, give them incentives to convert for the first time. 

For example, you can provide exclusive features or promo codes to users who fill out the registration form or make their first purchase. Other incentives can be loyalty points or in-app credit.

Example: UberEats

Uber’s food-delivery brand, UberEats, make the onboarding process really frictionless for new users. 

As soon as users register, they are welcomed with a coupon for a $20 discount on the first order. If that’s not enough to entice users to order, a list of nearby restaurants displays on multiple screens.

Conclusion

We can not help but emphasize how critical your user onboarding process is. If you’re able to onboard users painlessly, take it as a big win. With the app space getting crowded and apps competing for user attention, your onboarding process can help you get a competitive edge.

So, think up an efficient process to onboard new users. A/B test your onboarding models to find the best fit for your users and apps. Don’t hesitate to steal your competitors’ onboarding model if it’s good. You need a proven onboarding strategy to get your app up and running in no time.

Do you have any questions about any of the above strategies? Drop them in the comments and we’ll answer soon. Watch this space for more revelations about app development and onboarding.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.com.

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